Key takeaways:

• Tech stocks and travel shares feature at the heart of this week major movers

While the ASX has lagged the performance of the US stock market this week, the benchmark Australian index moved closer towards setting a fresh all-time high.

Which shares excelled?

Luxury fashion retailer Cettire (ASX: CTT) is one of the names front and centre this week, delivering strong gains for shareholders. While there was no specific news behind the rally in the company share price, Cettire is expected to report earnings next week. Recently, a number of retailers have delivered strong sales reports, so it is possible that investors are betting on a bumper result when the company hands down its figures on Tuesday, February 7.In the travel space, both Flight Centre (ASX: FLT) and Corporate Travel Management (ASX: CTD) have taken to the skies this week. 

Flight Centre exited a trading halt following news the company would raise money to acquire UK-based luxury travel brand Scott Dunn. The business targets high net worth customers that are time poor. As part of the deal, FLT is acquiring Scott Dunn for $211 million, funded by a capital raise priced at $14.60 per share. With demand for the institutional placement exceeding supply, the company exited its trading halt on a strong note as it seeks to execute its next growth initiative.

On the other hand, Corporate Travel Management received a favourable assessment from investment bank Goldman Sachs. The broker has a buy rating on the stock, and in light of an expected recovery in North America, and the prospect of strong cash flow, Goldman Sachs has given the stock a price target of $20.30 per share.

Rare earths producer Arafura Rare Earths (ASX: ARU) has smashed a long-time record, with the stock trading at its highest level since late 2011. Thanks to another strong performance this week, the stock extended its recent streak, with the backing of Australia richest woman, Gina Rinehart, proving a key catalyst. This week gains have largely come amid a positive showing from the minerals sector, with names like Lynas Rare Earths (ASX: LYC) and Australian Strategic Materials (ASX: ASM) also making good progress.For the most part, the tech sector has delivered strong returns this week. That follows a string of wins for the Nasdaq, thanks in no small part to the Federal Reserve indication that a peak in interest rates could be near. ASX tech winners include WiseTech Global (ASX: WTC) and Xero (ASX: XRO).An encouraging regulatory update has prompted buying activity in regenerative medicine company Mesoblast (ASX: MSB). The biotech firm resubmitted its Biologics License Application (BLA) for the approval of remestemcel-L in the treatment of children with steroid-refractory acute graft versus host disease (SR-aGVHD). That follows an earlier request from the FDA for further information, with the company adding extensive data it argues shows durability of treatment for long-term survival, low variability for the potency assay, and treatment benefit for high-risk disease activity.Gains have also come from the likes of Siteminder (ASX: SDR), Ooh!Media (ASX: OML), Credit Corp (ASX: CCP), Seek (ASX: SEK), and James Hardie (ASX: JHX).

Which shares dragged on the market?

Although tech stocks have largely had a bumper week, Megaport (ASX: MP1) proved to be an exception to that trend. The company, which specialises in cloud interconnectivity, reported its FY23 quarterly results, which fell short of investors' expectations.

One of the sticking points was cash derived from operations, which went backwards from $0.3 million to $0.2 million. Furthermore, total net cash flow blew out from an outflow of $9.6 million, to an outflow of $11.9 million, highlighting a challenge for the firm moving forward. News of a 159% improvement in EBITDA was no consolation for shareholders, with the stock down nearly 25% on Tuesday.

Syrah Resources (ASX: SYR) also fell on the wrong side of the ledger this week. The company quarterly activities report showed Balama production, C1 costs, and sales were all impacted by illegal industrial action and a precautionary security measure. Furthermore, sustained high diesel expenses had an impact on costs during the most recent quarter, with inflationary challenges swarming a number of miners lately.That was the theme for gold producer Silver Lake Resources (ASX: SLR), where its latest quarterly figures disappointed shareholders, and a late-week drop in the price of gold compounded its woes. For the December quarter, SLR reported production of 56,900 ounces of gold and 228 tonnes of copper, with sales coming in at 55,186 ounces and 211 tonnes respectively. The company all-in sustaining cost reached $2,261 per ounce, with costs running high at its Mt Monger site. Management also cut guidance at its Sugar Zone site amid labour and equipment constraints.Rounding things out, Pinnacle Investment Management (ASX: PNI) took a backwards step this week. Once again, it was an update that undid the stock, with net profit after tax for the half down 24% to $30.5 million. With its earnings per share falling sharply, management opted to cut the dividend by 11%, with just $900,000 in performance fees earned by the firm during the December half, compared with $6.4 million a year prior.Insurance Australia Group (ASX: IAG) and QBE Insurance (ASX: QBE) are also struggling in light of their exposure to the floods in New Zealand, and other names like Clinuvel Pharmaceuticals (ASX: CUV), IGO (ASX: IGO), and Champion Iron (ASX: CIA) end the week on a low note.

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!